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Coinpaprika 2025-01-30 09:15:39

Gemini Bans MIT Hires Over Gensler’s Return, Crypto Industry Reacts

Gemini Bans MIT Hires Over Gensler’s Return, Crypto Industry Reacts

Gemini co-founder Tyler Winklevoss has announced a hiring freeze for MIT graduates and interns due to former SEC Chair Gary Gensler’s return to MIT as a professor. The company will not hire MIT alumni as long as Gensler remains at the institution, further deepening tensions between the crypto industry and regulators. Gensler, who previously led the SEC’s crackdown on cryptocurrencies, has resumed teaching at the MIT Sloan School of Management . This decision sparked backlash from Winklevoss, who made it clear that Gemini refuses to associate with Gensler in any capacity. “As long as MIT has any connection to Gary Gensler, Gemini will not employ its graduates, not even for internships,” he stated on X. Cameron Winklevoss has not issued a separate statement but has supported calls for a wider industry boycott. Erik Voorhees, founder of Venice.ai, joined the debate, urging crypto firms to follow Gemini’s lead and refuse to hire from MIT. He argued that Gensler’s tenure at the SEC damaged the industry and that institutions supporting him should face consequences. The Winklevoss twins have long advocated for pro-crypto policies and are politically active, donating heavily to candidates who back digital assets. Their opposition to Gensler stems from what they view as excessive regulation and hostility toward crypto under his leadership. This controversy has led to discussions among MIT alumni and students. Caitlin Long, CEO of Custodia Bank, questioned whether MIT alumni would push back against Gensler’s return. Matt Huang, co-founder of crypto investment firm Paradigm and an MIT graduate, has encouraged other alumni in the crypto space to connect and discuss the situation. Coinbase CLO Paul Grewal, another MIT graduate, has already responded, signaling that the debate is gaining traction. Many in the crypto community support Winklevoss, seeing Gensler as a threat to innovation. Some even suggest broader hiring bans on institutions that continue to support him. However, others argue that Gensler’s return to academia should not be politicized. Some have pointed out that his MIT lectures before joining the SEC were insightful, even if his performance as SEC chair disappointed them. While Gemini takes this bold stance, it is also dealing with its own regulatory issues. The company recently settled a case with the Commodity Futures Trading Commission ( CFTC ), agreeing to pay a $5 million fine without admitting wrongdoing. It also announced its withdrawal from the Canadian market due to increased regulatory pressures. As the debate over academia, regulation, and the crypto industry intensifies, the long-term impact on MIT and the sector remains uncertain.

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